Gold posted its highest close in nearly a month on Thursday, gaining as investors sought the safe-haven asset after the latest U.S. economic data signaled a softening economy and a tight job market, while Treasury yields and the dollar fell.
Also, platinum (XPDUSD:CUR) ended +3.1% at $1,028.40/oz, retaking the $1K/oz mark in its fifth straight winning session.
Major precious metals miners enjoyed broad gains: (NEM) +2.2%, (GOLD) +3%, (AU) +5.3%, (GFI) +5.2%, (HMY) +9.4%, (AUY) +5.5%, (EGO) +5.4%, (AEM) +4.2%, (KGC) +5.8%, (IAG) +8.1%, (GORO) +8.7%, (AG) +10.4%, (EXK) +15.9%, (CDE) +10.3%, (HL) +8.7%, (SVM) +8.6%, (FSM) +8.2%, (PAAS) +8.6%, (AXU) +8.8%, (WPM) +4.9%.
Data from payroll processing firm ADP showed job creation at companies slowed in May to the slowest pace since the start of the COVID recovery, while private sector employment rose by a less than expected 128K for the month, a decline from April's downwardly revised 202K.
The data is "raising the recession concerns that have been brewing in the market and supporting gold," TD Securities commodity strategist Ryan McKay told Reuters.
Copper settled +4.8% at $4.55/lb, as top global producer Chile reported a nearly 10% Y/Y decline in copper output in April.